# Prof. Thomas Philippon's research on the financial services industry is cited

1 Faculty News July 15, 2014 ![](/sites/default/files/styles/246w/public/assets/images/DemosLogo-blue.jpg?itok=sGbH2UdV)>

Excerpt from [Demos](http://www.demos.org/blog/7/15/14/citi%E2%80%99s-settlement-drop-ocean) -- "New York University Economics Professor [Thomas Philippon](http://w4.stern.nyu.edu/faculty/bio/thomas-philippon) has estimated that the financial sector causes a 'misallocation of resources' in the amount of $280 billion each year."

[Read more](http://www.demos.org/blog/7/15/14/citi%E2%80%99s-settlement-drop-ocean)